GLO clarifies talks on Tract 3 with developers

GLO spokesman Jim Suydam says the state is not "negotiating" directly any deal with Imperial and Perry regarding Tract 3, but "we are talking (to them) about different concepts."

The spokesman did not elaborate on the concepts.

The city of Sugar Land has posted the following in its website: The developers of the Imperial Sugar Property continue their desire to include Permanent School Fund Tract 3 into an overall plan for the redevelopment project. The city approved an agreement with Cherokee for the potential acquisition of Tract 3. However, it is the city's understanding that legislation approved by the 79th State Legislature and signed by the Governor now allows the General Land Office more flexibility and opportunities for the sale and transfer of state owned property. Cherokee Investments is now working directly with the General Land Office to determine/negotiate (emphasis added) opportunities to incorporate Tract 3 into an overall plan for the Imperial Sugar Redevelopment Project.

Suydam says the Permanent School Fund is no hurry to sell the land. The more it waits it is better because the market value is expected to go up, he says.

"We have to ensure that the investment of PSF gets the maximum return and that is our top priority," Suydam says.

The appraised value of the 500-acre land is about $12 million and the actual market value is more than $24 million, the spokesman says. The PSF would like to sell the land to the maximum possible price, he adds.

The four options before the GLO are to do nothing about the land so that the land value increases, sell directly to the city at market value, invite sealed bids or have a partnership with adjoining property owner, Suydam says.

Suydam also says the land can be sold directly to a taxing entity like a special management district or a tax increment reinvestment zone.

The GLO has made no commitment to Imperial and Perry on selling the land, he adds.

Imperial Sugar announced on February 18 that a preliminary agreement had been reached with Cherokee Invest-ments and W.C. Perry Land Development for the sale of the Sugar Mill property in Sugar Land. The sale agreement is contingent upon the developers acquiring Tract 3.

Reporter Diane Tezeno adds: At a town hall meeting on Thursday, a Sugar Land resident expressed concerns about a "strong rumor" of plans to convert Oyster Creek into a waterway with boats. This is believed to be a part of the proposed development of the Imperial Sugar property.

Another resident expressed concern that his backyard would be turned into a river walk.

Sugar Land City Manager Allen Bogard said that no plans had been shared nor submitted to the city regarding any ongoing plans related to the Imperial Development project. Bogard said that the developer cannot do anything until the city agrees to it because of zoning regulations, and that any developer is subject to the will of the residents of the city of Sugar Land.

Bogard also alluded to the uncertainty of the Imperial deal as the proposed sale is contingent upon the developers acquiring Tract 3 for joint development with the Imperial property.

Councilwoman Cyril Hosley said "Before anyone puts a waterway/boat behind your house, you will have a chance to have your concerns heard.